Hi Sly Not here to denigrade anybody. I think you are playing...

Hi Sly

Not here to denigrade anybody. I think you are playing semantics.What is the statement about BHP? Profits fell away. Had nothing to do with dividend policy. In fact BHP is the classical example that proves why buy backs are crap. Only a couple of years ago they did a buy back at what price? Well north of $30. How did that buy back work out for BHP share holders? Share price now $17. How would BHP love the cash they wasted on the buy back now? Ditto RIO etc etc.
Go have a look at Karoon, at $2.80 the directors were saying the company was under valued. Introduced a buy back and have supported the share price all the way down to $1.43 as of yesterday.
Also on the earnings per share, you still fail to see that there are two sides. Decrease in the number of shares (increase in EPS) and a decrease in Cash for investments which means less profit (decrease in EPS). You don't know what the end result is.

I understand what you are saying about undervaluation/overvaluation. In my view as an investor it is up to me to make that judgement. If I thought it was over valued I would sell irrespective of a buy back or not.

I expect my Directors to drive the business. High EPS/HighDPS=high price. Not worrying about the share registry.

Any how good luck with this.

Pear